Orphanides: Agreement for acquisition of activities and assets of N.K.K Froutaria Delux
2/3/2007 15:46
Within the framework of the Company’s three-year strategic plan, we wish to announce that on February 28, 2007 the Company signed an agreement for the acquisition of activities and assets of N.K.K Froutaria Delux Ltd, which runs a supermarket in Geri, Nicosia. The fair value of the assets to be acquired will be set within the period of 30 days.
The Company also signed an agreement for the long-term lease of the buildings that host the supermarket above.
The duration of the lease has been determined for 15 years, starting from March 1, 2007 to February 28, 2022 with a renewal right for 15 years more.
The main business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of its strategic plan for the opening of smaller supermarkets.
2. Increase in the Group’s turnover.
3. Increase in the Group’s purchasing power.
4. Increase in the Group’s profitability
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Limited headed by its Executive Chairman, Christos Orphanides.
The Company also signed an agreement for the long-term lease of the buildings that host the supermarket above.
The duration of the lease has been determined for 15 years, starting from March 1, 2007 to February 28, 2022 with a renewal right for 15 years more.
The main business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of its strategic plan for the opening of smaller supermarkets.
2. Increase in the Group’s turnover.
3. Increase in the Group’s purchasing power.
4. Increase in the Group’s profitability
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Limited headed by its Executive Chairman, Christos Orphanides.
